Shanghai REFIRE Group Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-737.3	-529.47	-505.97	-572.8
Depreciation & Amortization	114.38	112.41	99.96	81.78
Other Amortization	7.93	8.21	6.41	4.69
Loss (Gain) From Sale of Assets	0.88	0.51	1.14	-
Asset Writedown & Restructuring Costs	-	-	-	12.86
Loss (Gain) From Sale of Investments	43.74	65.08	10.98	131.03
Loss (Gain) on Equity Investments	15.18	3.86	21.45	8.22
Stock-Based Compensation	339.83	87.07	27.09	31.33
Other Operating Activities	49.24	32.25	101.84	21.58
Change in Accounts Receivable	-394.57	-558.91	-353.83	-476.73
Change in Inventory	-91.58	5.3	-99.08	-109.56
Change in Accounts Payable	221.81	84.49	4.72	-15.5
Change in Unearned Revenue	12.67	18.09	4.63	30.52
Change in Other Net Operating Assets	24.56	-47.27	-47.42	84.38
Operating Cash Flow	-393.22	-718.41	-728.06	-768.21
Capital Expenditures	-60.63	-142.12	-122	-154.77
Sale of Property, Plant & Equipment	9.01	4.53	3.09	-
Cash Acquisitions	-4.19	-	-	-
Sale (Purchase) of Intangibles	-1.05	-1.93	-4.5	-11.81
Investment in Securities	-153.17	294.47	-436.93	-18.89
Other Investing Activities	-	-38.14	-	-
Investing Cash Flow	-210.03	116.8	-560.34	-185.47
Long-Term Debt Issued	781.91	561.06	624	636.13
Long-Term Debt Repaid	-560.41	-284.58	-715.43	-254.98
Net Debt Issued (Repaid)	221.5	276.48	-91.43	381.15
Issuance of Common Stock	626.09	-	2,183	-
Other Financing Activities	-25.97	-95.07	-2.98	-12.79
Financing Cash Flow	821.62	181.41	2,088	368.35
Foreign Exchange Rate Adjustments	0.48	5.24	3.25	-0.66
Net Cash Flow	218.85	-414.95	803.24	-585.99
Free Cash Flow	-453.85	-860.53	-850.06	-922.98
Free Cash Flow Margin	-69.95%	-96.12%	-140.59%	-176.10%
Free Cash Flow Per Share	-5.56	-10.58	-11.31	-14.20
Cash Interest Paid	42.71	33.75	35.12	21.58
Cash Income Tax Paid	0.77	2.4	9.64	2.99
Levered Free Cash Flow	-351.52	-580.69	-710.7	-315.47
Unlevered Free Cash Flow	-315.79	-550.74	-680.06	-284.18
Change in Working Capital	-227.11	-498.31	-490.97	-486.89

Source: S&P Global Market Intelligence. Standard template. Financial Sources.